New York - Investors at video game publisher Take-Two Interactive ousted five of the company's six board members on Thursday -- including CEO Paul Eibeler -- in a shake-up that followed multiple controversies at the company, including stock options backdating and a scandal surrounding its "Grand Theft Auto" franchise.

The newly elected directors, who include non-executive chairman Strauss Zelnick -- the former CEO of BMG Entertainment -- promptly removed Eibeler from his roles as president and CEO of Take-Two.

Former News Corp. senior executive Ben Feder was named acting CEO.

The investor group behind the takeover, which included Oppenheimer Funds and DE Shaw Valence Portfolios, control nearly half the company's shares and had planned since March to replace the company's board at its annual shareholder meeting, held yesterday.

"Take-Two has exceptional brands and creative resources, and we are thrilled to be able to work with the many talented people within the company," said newly elected Take-Two chairman Strauss Zelnick. "

The new Board plans to put in place strategies designed to revitalize Take-Two, focus on supporting and enhancing its creative output, improve its margins and ensure that the 2007 release pipeline meets expectations."

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http://biz.yahoo.com/bw/070329/20070329006142.html?.v=1

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http://www.take2games.com